S. 37(1) : Business expenditure-Provision for expenses-Treatment of disposal of effluent waste and processing charges-credited back in subsequent year-Matter remanded-Sales return-Provision made for loss of sales return, being an expenditure which was not crystallized and was an anticipated loss, could not be allowed as deduction.[S.145]

S. 36(1)(iii) : Interest on borrowed capital-Loans and advances-Own funds are more than interest bearing funds-No disallowance can be made.

S. 28(i) : Business income-Survey-Surrendered excess stock, cash and receivables-Offered as business income-Surrendered income cannot be asssseed under deeming provisions of section. 699A, 69B, 115BBE.[S. 69A, 69B 115BBE, 133A]

S. 23 : Income from house property-Annual value-Deemed let out-Two houses are occupied for self purposes-No notional rent is to be added.[S. 22]

S. 14A : Disallowance of expenditure-Exempt income-Interest free funds-Investment in Securities and Joint ventures-Owned interest free funds with were much higher than investments made by assesse. [R.8D(2)(b)]

S.14A : Disallowance of expenditure-Exempt income-Rule 8D can be applied only in respect of investment which actually yielded dividend income during year. [R.8D]

S. 12AB : Procedure for fresh registration-Provisionally registered-Registration-Time limit-Final registration-CIT(E) rejected application as premature-There is no bar on applicant to move an application before period of six months from expiry of provisional registration-CIT(E) is directed to reconsider application-Provisional approval under section 80G(5)(iv) was granted-Application for final approval could not be rejected on ground that institution had already commenced its activities even prior to grant of provisional registration. [S. 12A(1)(ac)(iii), 80G]

S. 12AB: Procedure for fresh registration-Denial of exemption-Religious trust-Provisions of section 13 can be invoked by Assessing Officer while framing assessment and not by Commissioner while considering application for registration under section 12A/12AB. [S. 13, 12A, 13, Form No.10AB]

S. 12AB : Procedure for fresh registration-Denial of registration Objects of trust were not restricted to particular religious community or caste sunni muslims-CIT(E) is directed to reconsider the application and decide according to law. [S. 11, 12A, 13(1)(b)]

S. 12AB : Procedure for fresh registration-Name mismatch-Translating name from Gujarati to English-Objects-Not any particular community-Matter remanded with the direction to examine the issue fresh. [S. 12A, 13]